A YORK insolvency practitioner has sold his business to the same firm he left five years ago to co-found his own venture.

Broadbents Business Recovery Services, which has an office at York Eco Business Centre at Clifton Moor and another in Hartlepool, has been acquired by Manchester-based Begbies Traynor.

Begbies, which already has an office at Clifton Moor, has acquired Broadbents’ assets for an initial £200,000, payable in cash. A further consideration of up to £350,000 in cash will be exchanged later, subject to revenue targets over the next two years being met.

The deal comes almost five years after Dave Broadbent left Begbies to co-found Broadbents with Andy Peace.

Broadbents’ ten-strong team will merge with Begbies Traynor’s existing teams. The Broadbents York team will relocate to Begbies Traynor’s offices at Clifton Moor, taking head count in the city to 12.

The Broadbents Hartlepool office will merge with Begbies Traynor’s office in Thornaby, Stockton, and both will relocate to a new, larger base in the coming months.

Rob Sadler, partner at Begbies Traynor in York, said: “We have remained close to Dave since he left Begbies Traynor to set up his own firm, and we know how well regarded he is in the North Yorkshire and Teesside business community.

“We wanted to grow our presence in York and on Teesside, and joining forces with Dave and his team will deepen our expertise.”

Broadbents co-founder Mr Peace will continue to play a key role in the York office, supported by senior manager Ian Gostellow, while Jonathan Todd and Lorraine Mulgrew will continue to drive the Teesside operation.

Mr Broadbent said: “Having successfully undertaken a number of joint instructions in recent years where Rob and his team have assisted with cases that needed their experience, I am confident we are the perfect fit.

“Rob will continue to deal with larger complex cases, and we will focus on what we do best, working with smaller, owned/managed businesses and individuals.

“Begbies Traynor is the market leader here, and it makes perfect sense to team up with the colleagues I have known for 15 years.”